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South Asia Investor Review is focused on reporting, analyzing and discussing the economy and the financial markets of countries in South Asia, including Pakistan, Bangladesh and Sri Lanka. For investors looking to invest in emerging markets beyond BRIC countries (Brazil, Russia, India and China), this blog is designed to help international investors looking to learn about investing in South Asia with focus on Pakistan. Riaz has another blog called Haq's Musings at http://www.riazhaq.com

Pakistani-American Dr. Asad Qamar Among Top Earners in America

Dr. Asad Qamar, a graduate of Lahore's King Edwards Medical College, received $18.2 million in payments from US Medicare program in 2012, making him the second highest billing doctor in America. Dr. Qamar is a member of APPNA, Association of Physicians of Pakistani Descent in North America. He was a candidate for the presidency of APPNA in 2013.

Asad Qamar M.D.

Dr. Qamar, a Pakistani-American cardiologist, and his family have given at least $300,000 to politicians and political causes in the 2012 election cycle and in 2013, according to contribution disclosure records reported by Reuters. Dr. Asish Pal, a Florida-based Indian-American, is the second highest billing cardiologist in America. Dr. Pal was paid $4.5 million by Medicare.

Dr. Qamar has been subjected to lengthy reviews of his billing practices by US Department of Health and Human Services. He has complained to President Obama and other officials that the contractors conducting the reviews for the HHS were slow and unresponsive. Dr. Qamar told New York Times that his payments were high because his practice, which has 150 employees and a caseload of 23,000 patients, routinely handles complicated procedures like opening blocked arteries in the legs of older patients, which normally would be billed by a hospital.

Only Dr. Salomon Melgen, a Florida Ophthalmologist, billed Medicare for a larger amount than Dr. Qamar did in 2012. Dr. Melgen, too, is a major contributor to Democratic party. Dr. Melgen’s firm donated more than $700,000 to Majority PAC, a super PAC run by former aides to the Senate majority leader, Harry Reid, Democrat of Nevada. The super PAC then spent $600,000 to help re-elect Senator Robert Menendez, Democrat of New Jersey, who is a close friend of Dr. Melgen’s. Last year, Mr. Menendez himself became a target of investigation after the senator intervened on behalf of Dr. Melgen with federal officials and took flights on his private jet, according to The Times story.

The top 1% of 825,000 individual medical doctors accounted for 14% of the $77 billion in billing recorded in the data. There is a pattern of of large Medicare payments and six-figure political donations among several of the doctors whose payment records were released for the first time this week by the Department of Health and Human Services in response to a lawsuit filed The Wall Street Journal. Health-care economists say the data—despite several limitations—could help identify doctors who perform far more surgeries, procedures and other services than their peers, according to The Wall Street Journal.

President Barack Obama's Affordable Healthcare Act ( also known as Obamacare) is aimed at achieving universal health care coverage for all Americans. However, as the name indicates, it is also an attempt to make such coverage more affordable, a goal that will remain elusive unless waste, fraud and abuse are brought under control.

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I am the Founder and President of PakAlumni Worldwide, a global social network for Pakistanis, South Asians and their friends. I also served as Chairman of the NEDians Convention 2007. In addition to being a South Asia watcher, an investor, business consultant and avid follower of the world financial markets, I have more than 25 years experience in the hi-tech industry. I have been on the faculties of Rutgers University and NED Engineering University and cofounded two high-tech startups, Cautella, Inc. and DynArray Corp and managed multi-million dollar P&Ls. I am a pioneer of the PC and mobile businesses and I have held senior management positions in hardware and software development of Intel’s microprocessor product line from 8086 to Pentium processors. My experience includes senior roles in marketing, engineering and business management. I was recognized as “Person of the Year” by PC Magazine for my contribution to 80386 program. I have an MS degree in Electrical engineering from the New Jersey Institute of Technology.
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